In this article, we will share the 5 best ways to write off debt legally in South Africa.
The National Debt Review Center
Have you ever wondered about how you can legally write off debt in South Africa?
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Although it might appear impossible, it is totally possible. Administration or bankruptcy is the most popular method of debt relief, but it’s not always the best choice. There are many additional strategies you can to eliminate debt, from clever debt settlement to legal loopholes. In this article, we will share the 5 best ways to write off debt legally in South Africa.
The law in South Africa states that debt can be written off if one claims prescription. After the three-year period has passed, a debtor may refuse to pay a pending account unless a summons has already been issued.
For personal loans, credit cards, retail accounts, and vehicles, the loan term is three years. According to the South African Revenue Service, mortgages and other debts often last 30 years. (Read this Free Credit Repair Toolkit)
1. The creditor will suspend your credit facility.
2. The creditor will request the return of the items in the event of an installment sale.
3. The creditor will contact you and offer you a plan of action in writing. Normally via a letter of demand.
4. If you have not answered written letters or summons, the creditor will then go to court for a judgment.
5. The creditor will ask the judge for an execution warrant to attach your property.
6. Ask for an order of a garnishee by requesting an Emoluments Attachment Order (EAO), often known as a garnishment.
You can avoid all of the above by applying for Debt Counselling Here
Credit Bureau Association
Tel: (011) 463-8218
Fax: (011) 463-8386
Email: enquiries@cba.co.za Website: www.cba.co.za
Transunion ITC
Tel: 0861 88 64 66
Email: queries@transunion.co.za Disputes can be emailed to legal@transunion.co.za
Website: www.mytransunion.co.za
Experian
Tel: 0861 105 665
Fax: (011) 707-6700
Email: consumer@experian.co.za Website: www.experian.co.za
XDS
Tel: 0860 937 000
Fax: (011) 484-6588
Disputes can be emailed to disputes@xds.co.za
Website: www.onlinexds.co.za
Compuscan
Tel: 0861 51 41 31
Fax: (021) 413-2424
Email: info@compuscan.co.za Website: www.compuscan.co.za
Contact The National Debt Review Center on 0410125036 or visit ww.ndrc.org.za
From: 8:00am to 16:30pm weekdays
We hope that you have enjoyed the article and it gave you more insight and strategies on how you can tackle your situation. Contact us on 0410125036 if you need further clarity or assistance or leave a comment in the comment section below.
Remember – You are in control and you have always been.
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View Comments
I have been under dept review for seven years now and dept counseler is not active anymore.My accounts has been written off seven years ago.What do i do to get removed from deptreview
Hi Christolene,
Please contact our offices on 0410125036
Hi. My husband owes the bank money, its been 5 years already and still reflecting on his cedit profile. After 3 years they just update the info again, but nobody phones or emails him about the debt that wasn't paid. Did it expire? Is there anything he can do about it?
Hi Carika,
This article might help Prescribed Debt
If not call us on 0410125036
Hi I have been under administration for the past 15years.i have a balance of 19 000 left to pay. Do I still need to pay this. Or can can it get written off.
Hi
I read the article about prescribed debt. How do i know or find out if my debt has been prescribed?
My credit card debt no longer appears on my credit report (i have not paid off the debt). What would be the reason to remove it from my credit report? What does this mean for me?
Please contact us on 0410125036
I would please like you to phone me back on 083 960 7251.
I have a court order and are paying more than five years now off on my car and debts. How can this be? Is the time period not 3 years?
Can you please assist? I am at the Debt Docter and cannot seem to get hold of them.
Can you please assist with this.
Kind regards
Mrs S Verwey
Please contact our offices on 0410125036
How can I clear my debt be writing off without paying them
I have a over 12 year old account with African Bank.. I paid my account on time for a year. Than went for debt review.. Paid less.. Than at 60 got retired/pensioner.. Still paying a reduced sum every month for last 5years
Ho do i find out what of my debt on all credit bureaus had prescribed already
Good day I'm under debt review for more than six years from 2017 two years ago I decided to pay my creditors my self and made arrangements all the creditors are happy but I need to clear my name. To do it privately need to pay 4.5 thousand rand.can we go to court myself to clear my name
Good day,
This is possible but you need to ensure that you have all the required and admissible documents, otherwise your case will be delayed or dismissed.
I am under debt review for 13 years now. My dept review did only deduct the first 3-months and ever since that they didn't. I am trying to get old of them for these years. My crediet report shows nothing but I'm still under debt review. Can my debt review be removed
Please visit our debt review removal section for more information regarding debt review removal.
Hi, my family has been helping me pay R900 toward my credit card for the last three years, I lost my job 2020, and have subsequently started working, but we can only afford R900 p/m. Even after paying R900p/m for the last 3 years my debt is now more than it was in 2020. The debt amount does not reduce with each payment we make. None of us have access to the account and it has not been used. How can I get the bank to reduce my settlement amount and still pay the R900 or less p/m if possible, and then close account completely.
Any help will be appreciated.
Call us on 0410125036
hi
i try to phone the number but don"t want to work
0410125036 works perfectly you can also call 0878221249 or send a WhatsApp to 0727703674